TEDJim Simons' Renaissance Technologies halved its Tesla holdings, and exited meme stocks GameStop and AMC Entertainment last quarter.
The quantitative hedge fund's Tesla sales, coupled with the automaker's stock plunging 22% in the period, reduced the value of its position by more than two-thirds to $504 million.
RenTech disposed of its GameStop stake despite growing it by 118-fold in the first quarter. It also sold its remaining AMC shares after cutting that position by 61% between January and March.
Simons' fund largely relies on algorithms to determine its moves, so its purchases and disposals likely reflect market volatility and trading patterns more than company fundamentals.